Durbin amendment was proposed by Sen. Richard Durbin is an addendum to the Dodd-Frank Wall Street Reform and consumer protection act of 2010 focuses on placing a cap on debit card interchange rates and other reforms in the payment card industry. The amendment is rather complex, but the main objective was to lower acceptance costs for merchants and to provide more competition among networks.According to the Durbin amendment The average fee of 44 cents per debit card transaction charged from merchants by the card brands was considered excessive by supporters of the legislation. After so much debate and opposition Initial rules were released in December 2010 and final law goes into effect on October 1, 2011 which might cost banks roughly $9.4 billion annually. To enforce this part of the law, the Durbin Amendment gave the Federal Reserve the power to regulate debit card interchange fees